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Fill out the rest of the table
Fill out the rest of the table. Each output unit produced by this firm sold at a price of P = $4.
| Labor | Output | MP | MRP | TR |
|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 |
| 1 | 80 | |||
| 2 | 140 | |||
| 3 | 185 | |||
| 4 | 220 | |||
| 5 | 250 | |||
| 6 | 260 |
Having filled out the table above, fill in the table below. How many workers will the firm hire at each wage rates?
| Wage | Quantity of labor demanded |
|---|---|
| 50 | |
| 130 | |
| 150 | |
| 200 | |
| 250 | |
| 300 | |
| 350 |
Expert Solution
| Labor | Output | MP | MRP | TR |
|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 |
| 1 | 80 | 80 | 320 | 320 |
| 2 | 140 | 60 | 240 | 560 |
| 3 | 185 | 45 | 180 | 740 |
| 4 | 220 | 35 | 140 | 880 |
| 5 | 250 | 30 | 120 | 1,000 |
| 6 | 260 | 10 | 40 | 1,040 |
At each wage rate, the firm will hire worker until the marginal revenue product is below the wage rate.
| Wage | Quantity of labor demanded |
|---|---|
| 50 | 5 |
| 130 | 4 |
| 150 | 3 |
| 200 | 2 |
| 250 | 1 |
| 300 | 0 |
| 350 | 0 |
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